The Crossing will consist of 14,000 square metres of retail and hospitality space and 5000 square metres of commercial space.
It will be located on the hectare block between Colombo St, Cashel mall, Lichfield St and High St.
Christchurch’s iconic department store, Ballantynes, will be connected to The Crossing via an air bridge on the first level.
Carter says the project is a milestone for the Christchurch CBD and will give the central city a new heart.
“The $140 million project will be the cornerstone of a vibrant and world-class retail precinct that will be a draw card for locals and visitors alike,” he says.
He says projects of a similar scale haven’t been seen in Christchurch for years.
“There are always risks with a project of this magnitude,” Carter says.
“But The Crossing and the $140 million investment is Carter Group’s way of also showing leadership and confidence in the rebuild of the CBD and a way of giving back to the city.”
Carter says this will reassure investors that the CBD is making good progression.
Commercial real estate company Colliers International Limited says 15,000 people will be working within 300 metres of The Crossing in the next few years.
It will be the largest private development in the central city and will also house a new car park with 630 parks on the site.
The design will feature courtyards and laneways that link to stores and hospitality tenants, which Carter Group says will encourage customers to explore the space.
The company also plans to use the historical elements of the 79-year-old building in its design.
The Crossing is expected to open by October 2016.